What is it good for?
Raiding - it gives you a chance to loot Crate of Salvage which lets you upgrade your followers' items faster so you can unlock better missions for them which have good gear for players. You also have the chance to get ilvl 665 BoEs from Salvage which are better than normal Highmaul drops.
Goldmaking - you can get low-level BoEs with fashionable models from Salvage, and ilvl 665 BoEs.
Transmog - at level 3 it gives you the change to loot Big Crate of Salvage which can contain gear that has a unique model -- see all the models here.